Press Release
XCHANGING TO ADMINSTER SAVINGS PLAN ACCOUNTS FOR ONVISTA BANK
Continues to grow the Fondsdepot Bank platform in Germany
FRANKFURT, 26 July 2010 - Fondsdepot Bank, an Enterprise Partnership of
Xchanging and Allianz Global Investors will administer savings plan accounts on
behalf of OnVista Bank. The accounts will be transferred from Onvista Bank's
current platform to Fondsdepot Bank's IT platform on 15 August 2010.
OnVista Bank offers comprehensive brokerage capabilities for active traders and
investors. The Bank is part of OnVista-Group, an internet company with a focus
on financial markets. The accounts that Xchanging will administer are from the
capital formation savings payments business of OnVista Bank and do not include
the Bank's online brokerage business accounts.
In January 2010, Xchanging was chosen by SEB Bank and SEB Asset Management (SEB)
for the administration of their B2B investment accounts business. This
transaction will make Xchanging the largest independent investment account
processing platform in Germany. This was followed by a contract from VERITAS
INVESTMENT TRUST GmbH (VERITAS) for the administration of their investment
accounts.
In addition to customer accounts added as a result of contracts signed with SEB
and VERITAS, Fondsdepot Bank has added customer accounts through independent
distribution companies - representing ten percent growth since January 2010.
Xchanging continues to lead the consolidation of the mid-market investment
account processing and will have approximately 1.7 million investment accounts
and €31 billion assets under administration by the end of 2010.
Matthias Sohler, Head of Xchanging Continental Europe and Managing Director of
Fondsdepot Bank commented, "Our growth to date confirms that independent
financial advisors have fully accepted the business model of Fondsdepot Bank - a
model which is not bound to certain products and distribution channels. Hence
they are choosing us for the administration of their customer accounts".
Fondsdepot Bank
Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global
Investors. Since its launch in 2007, the two partners have successfully been
targeting additional investment account administration business for the joint
platform.
The first milestone in the growth of this business was the acquisition of the
Munich-based FondsServiceBank (FSB), previously DAB bank AG, in May 2009. As
part of the deal, Fondsdepot Bank had the potential to take over all
distribution partner contracts and approximately 460,000 customer contracts
relating to the safekeeping and administration of investment fund accounts. The
migration of the accounts onto Fondsdepot Bank's platform was successfully
completed on time and on budget in April 2010.
The second milestone was the take-over of B2B investment account business
administration for SEB Bank and SEB Asset Management announced at the beginning
of this year. The transaction with VERITAS represented another significant
milestone in the growth of this platform.
Fondsdepot Bank serves approximately 180 large distribution partners such as
DVAG, BCA, Fondsnet, Argentos as well as distribution companies of large
insurers and banks. Its customers also include a number of well-known investment
companies such as Allianz Global Investors, MEAG Munich ERGO Kapitalanlage and
Pioneer Investments.
- ENDS -
For further information, please contact:
Xchanging - Group PR
UK - Cardew Group Tel: +44 (0)20 7930 0777
xchanging@cardewgroup.com
Xchanging - Continental Europe
Christiane Kampling, Continental Europe Tel: +49 (0)
69 12 0 12 60243
christiane.kampling@xchanging.com
Heller & Partner
Stefan Riedel Tel: +49 (0)89 45710 330
sr@heller-partner.de
OnVista Bank AG
Gregor Faßbender-Menzel Tel: +49 (0) 2203 9146-163
gregor.fassbender-menzel@onvista-group.de
About Xchanging
Xchanging is one of the largest and fastest growing business processors. With a
wide range of multinational customers in 42 countries and employing over 8,000
people, we are a truly global company. Our aim is simply to provide business
processing services better, cheaper and faster.
Xchanging provides procurement, accounting, human resources and technology
services across industries. These include banking, insurance, manufacturing,
retail and real estate among others. We combine functional expertise with deep
industry domain knowledge to provide industry-specific outcomes for our
customers.
Listed on the London Stock Exchange in 2007, the company is in the FTSE250, the
index of mid-capitalised companies traded on the London Stock Exchange.
Xchanging is also a member of the FTSE4Good index which measures the performance
of companies that meet globally recognised corporate responsibility standards.
www.xchanging.com
About OnVista
OnVista Bank offers comprehensive Brokerage-Features for both professional
Traders and Investors. The offered services cover trading in securities, stocks
and bonds at stock exchanges in Europe and the U.S. as well as trading OTC with
currently 24 emitters. Furthermore, OnVista Bank extends trading options and
future warrants via Eurex to their customers.
With its outstanding FreeBuy-Depot, OnVista Bank recently finished first in the
category "Range of Products" at Börse Onlines reader's voting for the
"Onlinebroker of the year 2010".
Customers of the OnVista Bank take extraordinary advantages of the close
integration and interaction with Germany's leading financial portal OnVista.de.
This interaction enables a high level of transparency during investment
decisions and maximizes the customers comfort. While receiving information on
OnVista.de, stocks can be traded with just a few clicks.
Frankfurt am Main-based OnVista Bank is a subsidiary of OnVista AG, which is
also holding the financial portal OnVista.de.
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Source: Xchanging via Thomson Reuters ONE